As a fundamentally and valuation driven investor, I am continuously amazed at some of the equity valuations the public market bestows on growth companies, even in an age of near-zero interest rate borrowing conditions. So for those valuation-driven readers, let me present the first of what I will simply call "guess the valuation." I present you with financial metrics and you tell me how much you think a growth investor, at most, should be willing to pay in total equity market capitalization terms. Before the comments start coming, understand that I am fully aware that this exercise is overly simplistic and one would want to have more data before answering such a question. Humor me please to play along, and feel free to give the company below the benefit of the doubt (within reason). Unidentified Company X Financial results for the first 9 months of 2019 Revenue: $1 billion (+50% yoy) Gross Profit: $600 million (+50% yoy) R&D Expenses: $250 million (+50% yoy) Marketing Expenses: $350 million (+35% yoy) General/Admin Expenses: $125 million (+60% yoy) Operating Loss: $125 million (-35% yoy) Operating Cash Flow: $20 million (N/M) Okay, guess the equity value assuming zero net debt on the balance sheet...